• Neoen is aiming to achieve adjusted EBITDA of over €700 million as early as in 2025
• This increased guidance results in particular from a new storage contract relating to the future Collie Battery Stage 1 in Australia

Neoen (ISIN: FR0011675362, ticker: NEOEN), a leading independent producer of exclusively renewable energy, is today raising its adjusted EBITDA target for 2025 after winning a contract from AEMO (Australian Energy Market Operator) for the Collie Battery Stage 1 (see separate press release published by Neoen today).

Neoen now expects its adjusted EBITDA to exceed €700 million as early as in 2025. The upgraded guidance results both from updated operational forecasts and from the inclusion of the contribution from farm-down operations, which remain unchanged in Neoen’s forecasts. As a reminder, Neoen announced in early May its ambition of achieving adjusted EBITDA of over €600 million in 2025 excluding farm-down operations.

Neoen’s new guidance takes into account its new 197 MW / 4-hour capacity services contract with AEMO (Australian Energy Market Operator). The contract will last for two years and is scheduled to take effect in the fourth quarter of 2024. Storage capacity will be provided by the future Collie Battery Stage 1 in Western Australia. This will be Neoen’s first long-duration battery (219 MW / 877 MWh).

Xavier Barbaro, Chairman and CEO of Neoen, said: “We are delighted to see that our strategy in storage, based in particular on longer-duration batteries, is already paying off. After winning this major contract in Western Australia, we are raising our guidance for 2025: we are now aiming for adjusted EBITDA of over €700 million. This new contract win shows Neoen’s ability to increase and accelerate value creation for both customers and shareholders.”